Title: Chief executive
Company: Downtown Center Business Improvement District
What are the key real estate projects in downtown and why?
Three key projects, the Wilshire Grand, Metropolis and Oceanwide, have just been delivered, are nearly complete or are well on their way. But coming projects such as Broadway Trade Center, Row DTLA and the Ford Factory demonstrate significant growth outside the Financial District and South Park. What will be of particular interest is the follow-up effect of Warner Music bringing more tech and creative jobs to downtown, filling our new residential projects.
How has the Downtown Center
BID contributed to the recent building boom?
The DCBID has been one of the leading promoters of downtown L.A. since the beginning of the renaissance. The DCBID spearheaded three civic delegations to New York led by Eli Broad to educate and encourage international investment in the renaissance. To date, the DCBID has played a critical role in recruiting the $30 billion that has been invested in downtown L.A. since 1999. In addition to keeping the center of downtown safe and clean, the DCBID continues to work tirelessly to attract new investors, developers, businesses, retailers and residents back to the heart of the city.
How long is this latest real estate boom expected to last?
Ask 10 people, and you’ll get 10 answers. However, many would agree that we may be nearing the top of the market, especially since economic cycles tend to run about 10 years or so. But there is still such incredible demand for housing, hospitality and retail in DTLA that I believe even current lending or construction cost headwinds are likely to be overcome.
What are the biggest challenges for downtown real estate growth moving forward?
In the long term, the most visible challenge would have to be the overall national economy and job growth. But despite all the political turmoil, the economy continues to march forward. As for the short term, the greatest challenge will likely be the market’s ability to fill the record number of apartments, hotel rooms and retail spaces that will be delivered in the next couple of years.
How would you characterize the difference between the downtown of today and 20 years ago?
How about the difference between blight and vitality? Seriously, it was that bad. And today, DTLA is that good. What was once a ghost town after 6 p.m. is now a bustling neighborhood teeming with life – walkers, diners, concertgoers, you name it. What has transpired here was by no means an accident, but it is no less astonishing what DTLA has become. And with the pending completion of Metro’s Regional Connector and the delivery of all these amazing projects under construction, it remains as hard today as it was in the beginning to fathom how great DTLA will ultimately become.
